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Equinor Raises Cost Estimate for Snøhvit Future Project in Norway

MT Newswires·12/22/2025 10:51:04
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10:51 AM EST, 12/22/2025 (MT Newswires) -- Equinor's (EQNR.OL) new cost estimate for its postponed Snøhvit Future gas project in Hammerfest in Northern Norway surged to over 20 billion Norwegian kroner from 13.2 billion kroner in 2022. The energy group said Monday the budget increase was caused by limited plant operations due to worse-than-normal winter weather conditions in 2024 and 2025, increased engineering costs, postponed work resumption on Melkøya, and high inflation. Equinor added that the Snøhvit Future project is now halfway complete, with onshore compression anticipated to start in 2029, a year after the original schedule. Equinor owns 36.79% of the project, while the remaining stakes are held by Petoro with 30%, TotalEnergies's (TTE.L, TTE.PA) TotalEnergies EP Norge with 18.4%, Vår Energi (VAR.OL) with 12%, and Harbour Energy's (HBR.L) Harbour Energy Norge with 2.81%.